Move to Cyprus: Immigration, Non-Dom & Business Setup

Dear Client,

Good morning and hope you are well.

Following our call conversation last week, we would like to follow-up based on your questions and our fees/steps to be followed if you proceed with the relocation in Cyprus.

Following a call with our Immigration team, they have informed us that since you are married to a Greek citizen, the process will be easy and quick in order to be registered as individuals in Cyprus and you will be benefited as an EU citizen without any specific restrictions.

Therefore, the steps upon your relocation in Cyprus is to find a place to rent or purchase a property in order to have a residence in Cyprus. Then, we can send you our list with documents needed for this purpose and we will register at the same time but firstly your husband and then yourself in the Immigration Department through an MEU1 and MEU2 form.

Once you are both registered, you will be able to proceed with the non-dom application.

During the Immigration process, we will be able to start the process of incorporating the company based on our below fees.

1. Incorporation of company 650 euros + VAT (+ Disbursements which are between the range of 300-700 euros)

2. Tax registration of the company - 150 euros + VAT, one-off

3. VAT registration of the company - 150 euros + VAT, one-off (if applicable based on the company activities)

4. HE32 fees regarding the submission of the Financial Statements - 75 euros + VAT + 20 euros disbursements per year.

5. UBO Declaration - 300 euros + VAT (initial creation of ARIADNI profile and submission of the details of the UBO). Then for each year's notice from the Registrar of Companies, the fees will be 75 euros + VAT for updating the profile and submitting the details of the UBO.

6. In respect to our price list for accounting and audit services, please see our website.

7. In respect to our fees for proceeding with the MEU1 and MEU2 forms, our fees are 600 euros + VAT for each application and for the non-domicile application our fees are 800 euros + VAT.

Finally, if you have any further questions, please do not hesitate to contact us.

Kind regards,

Dear Client,

I hope this email finds you well.

Please find below my response in red:

Hello CYAUSE, 

Thank you for getting back to me, please see my questions below: 

Do you offer provision of secretary & registered office for the company? - Yes, the fees for both services are 500 euros + VAT per annum for secretarial services & 800 euros + VAT per annum for Registered address - > total including VAT (19%) = 1,547 euros

Is this pricing based on invoices per month or per year? https://www.cyprusaccountants.com.cy/About-Us/Our-fees/Full-Package - Yes, the above fees are annual fees and can be included as expenses (e.g professional services) under the company.

If I have a question about my tax return, a business expense or anything to do with the company, will I be charged for sending an email to get these answers? It depends on the question but usually we are flexible with the prices and if any question is considered simple and does not need any further investigation from our end, it will not be charged. For example if any question involves taxes for UK and Cyprus and needs investigation to be done from our end we can charge you but with less fees than the below.

From your website - Advisory

Tax Advice (Hourly Rate) – Included for Year End Purposes

€150 - €210

Charged on an hourly rate depending on the complexity of the structure and the number of jurisdictions involved.

VAT Advice (Hourly Rate) – Included during VAT Returns

€150 - €210

Charged on an hourly rate depending on the complexity of the structure and the number of jurisdictions involved.

Will my business be eligible for an IP Box business and tax rate? My company will be an umbrella company to 3 different businesses - x2 software businesses which we are in the process of creating, and one digital marketing business. I believe it will apply. I can ask and revert back with more details and fees.

Who will I be talking to within CYAUSE? Is it 1 person, or is it different people across each department? - For the incorporation phase and audit and any other matter, I will be able to help you. For other matters such as IP Box, it will be with Mr Kyriakos and accounting etc, we can appoint you with one of our colleagues.

What are the yearly ongoing costs for the company? Are my below calculations correct? Yes they are correct. The most costs will be for the setup of the company, then it will be less for each year as explained below.

- 2,150 euros (based on sending 15 -20 invoices per month) 

Are there any other costs associated with the running of the company that will arise during any tax year - I need to know this. - As far as I know no. The other costs which are not manadatory are shown in the link provided in the previous.

I need a full cost for everything for the first year - please can you check the below calculation are correct: The VAT rate is 19%

• Incorporation of company 650 euros + VAT (+ Disbursements which are between the range of 300-700 euros) = 1,480 euros - At least yes, the disbursements might be lower due to the fact that is a range of fees.

• Tax registration of the company - 150 euros + VAT, one-off = 180 euros - Correct, since it is rounded amount.

• HE32 fees regarding the submission of the Financial Statements - 75 euros + VAT + 20 euros disbursements per year. = 110 euros - Correct, since it is rounded amount.

• UBO Declaration - 300 euros + VAT (initial creation of ARIADNI profile and submission of the details of the UBO). Then for each year's notice from the Registrar of Companies, the fees will be 75 euros + VAT for updating the profile and submitting the details of the UBO = 450 euros  - Correct, since it is rounded amount. The 75 euros charge annually once we receive a notification from the Registrar of companies.

• Annual accounting and audit services = 1,500 euros (I send around 15 invoices per month). plus corporation tax, preparation of HE32 financial statements, = 1,950 - It depends on the volume of transactions etc but is correct if the fees are agreed from your end.

• MEU1 and MEU2 forms, our fees are 600 euros + VAT for each application and for the non-domicile application our fees are 800 euros + VAT = 3,360 euros (for 2 people) - It will be 3,332 euros

TOTAL - for 2 people MEU1 and MEU2 forms, x2 non-domicile application, x1 incorporation of company, tax registration, financial statements, UBO registration, yearly accounting & audit services 

= 7,530 euros  -> 7,502 euros as initial fees. Thereafter once the company is established, only the accounting and audit fees will be the usual charges for the year, plus nominee services if we proceed with that option.

Thank you 

Hello, 

We will be visiting Cyprus in February and will then decide after we've visited the country. 

Thank you for following up,